Vestcor Inc Has $7.17 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Vestcor Inc significantly increased its stake in ServiceNow, purchasing an additional 5,197 shares, bringing its total to 9,003 shares valued at approximately $7.17 million.
• ServiceNow's latest earnings report showed a significant year-over-year revenue growth of 22.4%, with earnings per share of $4.09, surpassing analysts' expectations.
• Institutional investors hold approximately 87.18% of ServiceNow's stock, indicating a strong institutional interest in the company.

Vestcor Inc raised its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 136.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,003 shares of the information technology services provider's stock after acquiring an additional 5,197 shares during the period. Vestcor Inc's holdings in ServiceNow were worth $7,168,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of NOW. Brucke Financial Inc. lifted its stake in shares of ServiceNow by 8.3% during the 1st quarter. Brucke Financial Inc. now owns 340 shares of the information technology services provider's stock worth $271,000 after acquiring an additional 26 shares during the last quarter. First Foundation Advisors lifted its stake in shares of ServiceNow by 2.0% during the 1st quarter. First Foundation Advisors now owns 8,067 shares of the information technology services provider's stock worth $6,422,000 after acquiring an additional 162 shares during the last quarter. Banque Cantonale Vaudoise bought a new stake in shares of ServiceNow during the 1st quarter worth approximately $9,118,000. GSA Capital Partners LLP lifted its stake in shares of ServiceNow by 94.5% during the 1st quarter. GSA Capital Partners LLP now owns 992 shares of the information technology services provider's stock worth $790,000 after acquiring an additional 482 shares during the last quarter. Finally, N.E.W. Advisory Services LLC bought a new stake in shares of ServiceNow during the 1st quarter worth approximately $149,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on NOW shares. Mizuho raised their price target on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. JPMorgan Chase & Co. decreased their target price on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. BMO Capital Markets boosted their price target on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Guggenheim reissued a "sell" rating and issued a $724.00 price target on shares of ServiceNow in a research report on Thursday, July 17th. Finally, Canaccord Genuity Group reduced their price target on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Director Lawrence Jackson sold 757 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total transaction of $749,808.50. Following the completion of the sale, the director directly owned 588 shares in the company, valued at $582,414. This represents a 56.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the sale, the insider directly owned 3,000 shares of the company's stock, valued at approximately $3,060,000. The trade was a 28.07% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,990 shares of company stock valued at $6,047,567. 0.38% of the stock is currently owned by insiders.

ServiceNow Price Performance

ServiceNow stock traded down $34.65 during mid-day trading on Thursday, hitting $942.84. 2,122,595 shares of the company were exchanged, compared to its average volume of 1,486,271. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The business's 50 day simple moving average is $996.72 and its two-hundred day simple moving average is $951.56. The company has a market capitalization of $196.11 billion, a P/E ratio of 118.75, a PEG ratio of 4.40 and a beta of 0.94. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The firm had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter last year, the firm earned $3.13 earnings per share. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. Analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

About ServiceNow

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.